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Who’s taking over stalled condo projects? A few risk-takers

October 21st, 2009 · 2 Comments

Here’s the story I had in the Globe this week about the interesting business of taking over stalled condo projects. It’s a bit of a specialty area that’s developing for lawyers and accounting firms, as they work with companies willing to take the plunge. They’re not the easiest development deals, as there are lots of legal, tax and financing complications, but some are forging ahead anyways.

By the way, lawyer John Sandrelli, whom I quote in this story, says this is only the beginning, with lots more to come.

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  • Denis

    Our beloved Provincial government just made it easier for developers of condo units to make more money.They changed a number of sections of the Starta act. Did they bother to get information from actual condo owners? Not usless they were developers, lawyers of developers. They did promise to consult with owners but ti sort of slipped their mind. Buy a condo with great care.

  • A. G. Tsakumis

    The interesting footnote is very much that the provincial consumer protection legislation is nothing more than a paper tiger. It’s as useful as two tits on a bull.

    Mr. Justice Brenner (Ret) made a a very poor decision in not letting those originally with deposits in the project, out of those commitments.

    Why? Well, it’s quite simple really. The Jameson House Project the Pappajohn brothers originally promised will never be built. The “new” design is significantly enough different from the original, that you are not getting what you paid for.

    The curtain-wall glass is jettisoned for a hybrid and many of the interiors and some exteriors are quite different indeed.

    The decision in B.C. Supreme Court provided safe haven for developers, regardless of whether they could have ever delivered the project to begin with, and, in the process, said decision royally screwed the consumer.

    So, caveat emptor when you’re buying condos, particularly downtown. If the developer makes a mess, he gets to clean it up with your money.

    So much for entrepreneurial (calculated) risk.